Drill Problem $16-2($Algo$)[$LU $16-1(1)]$

From the following, prepare a classified balance sheet for Bach Crawlers as of December $31,2023.$ Ending merchandise inventory was $$4,700$ for the year.

$\backslash$table$[[$Cash$,$$$6,700,$Accounts payable,$$2,150],[$Prepaid rent,$1,950,$Salaries payable,$1,950],[$Prepaid insurance,$4,700,$Note payable $($long term$),8,700],[$Office equipment $($net$),5,700,$P$.$ Bach, capital$*,10,950]]$

$*$What the owner supplies to the business. Replaces common stock and retained earnings section.